SiliconBeat

The board of directors at Electronics for Imaging apparently batted 1.000 at the company’s annual meeting Friday when all the directors were reelected and all the proposals the board submitted to its shareholders for a vote passed.

But the perfect record obscured the fact that Read the rest of this entry »

The three top executives at Electronics for Imaging have volunteered to have their salaries cut “in support of the Company’s cost reduction activities due to deteriorating global economic and industry conditions,” the company said in a filing today that also included a preliminary look at earnings for its just completed first quarter.

The company sees sales coming in between Read the rest of this entry »

Drug maker Gilead Sciences agreed to buy a 163,000-square-foot office building (pictured here) at 301 Velocity Way in Foster City from Electronics For Imaging, along with 30 acres of land designed to accommodate up to an additional 542,000 square feet of office space for $137.5 million, according to a regulatory filing Thursday.

The property borders Read the rest of this entry »

We posted back in June about the proposed settlement Electronics for Imaging says it has reached in the litigation relating to its past stock option granting practices that accused some of the company’s officers and directors of breaching their “fiduciary duties” in the matter. At that time, mention was of “certain payments to be made to the company” that were not specified. “By whom and for what, we must wait to see,” we wrote at the time.

It looks like we now know have answers Read the rest of this entry »

The second line of the press release put out by Electronics for Imaging announcing a settlement of litigation against it relating to its “historic stock option granting practices” — translation: backdating — informs the reader that the agreement “does not contain any admission of fault or wrongdoing on the part of EFI or the individual defendants.”

But of course. Read the rest of this entry »

We found a new wrinkle in the stock-option mess after reading the long-delayed filing of Electronic for Imaging’s annual financial report Friday.

One-fifth of the $151.7 million worth of extra-value the company gave out in improperly handled stock option grants came from “modifications” of the terms made to certain executives’ existing stock option grants. The changes to the original option terms allowed for additional vesting and exercising of options beyond the plan’s standard three month period after termination.

The single largest charge — $30.6 million — was the result of a change made to option grants belonging to the company’s former chairman and chief executive — probably Dan Avida, who resigned on January 1, 2000.

Read the rest of this entry »